Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives2026-04-29 Apr 29, 2026Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.~ Federal Reserve Bank of New YorkThe Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements.... The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States.... The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it.~ Louis McFaddenAbout all a Federal Reserve note can legally do is wipe out one debt and replace itself with another debt, a note that promises nothing. If anything's been paid, the payment occurs only in the minds of the parties...~ Tupper Saussy Apr 28, 2026As long as we issue fiat currency, I see no alternative to a legal tender law.~ Alan GreenspanThere can be no doubt that besides the regular types of the circulating medium, such as coin, notes and bank deposits, which are generally recognised to be money or currency, and the quantity of which is regulated by some central authority or can at least be imagined to be so regulated, there exist still other forms of media of exchange which occasionally or permanently do the service of money. Now while for certain practical purposes we are accustomed to distinguish these forms of media of exchange from money proper as being mere substitutes for money, it is clear that, other things equal, any increase or decrease of these money substitutes will have exactly the same effects as an increase or decrease of the quantity of money proper, and should therefore, for the purposes of theoretical analysis, be counted as money.~ Friedrich August von Hayek[I]t is absolutely wrong for the Government to issue interest-bearing obligations. It is not only wrong: it is extravagant. It is not only extravagant, it is wasteful. It is absolutely unnecessary.~ Wright Patman Apr 27, 2026We must not permit our respect for the dead or our sympathy for the living to lead us into an act of injustice to the balance of the living. I will not attempt to prove that Congress has no power to appropriate this money as an act of charity. Every member upon this floor knows it. We have the right as individuals to give away as much of our own money as we please in charity; but as members of congress we have no right to appropriate a dollar of the public money.~ Davy CrockettThere are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.~ Richard FeynmanEconomic necessity cannot justify a disregard of cardinal constitutional guarantee.~ Riley v. Carter Apr 24, 2026Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.~ Ayn RandGovernment spending on business only aggravates the problem. Too many business have successfully lobbied for special favors and treatment by seeking mandates for their products, subsidies (in the form of cash payments from the government), and regulations and tariffs to keep more efficient competitors at bay. Crony capitalism is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want.~ Charles KochWhen plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.~ Frederic Bastiat Apr 23, 2026Man has existed for about a million years. He has possessed writing for about 6,000 years, agriculture somewhat longer, but perhaps not much longer. Science, as a dominant factor in determining the belief of educated men, has existed for about 300 years; as a source of economic technique, for about 150 years. In this brief period it has proved itself an incredibly powerful revolutionary force. When we consider how recently it has risen to power, we find ourselves forced to believe that we are at the very beginning of its work in transforming human life.~ Bertrand RussellI have no sympathy for the narrow, selfish notion of economy which assumes that every crumb of bread which goes into the mouth of one class is so much taken from the mouths of another class.~ Frederick DouglassIf welfare and equality are to be primary aims of law, some people must necessarily possess a greater power of coercion in order to force redistribution of material goods. Political power alone should be equal among human beings; yet striving for other kinds of equality absolutely requires political inequality.~ Tibor Machan Previous week's quotes Next week's quotes Share on Facebook Tweet Email Print